Compare BankSA savings accounts

Put your money to work with a BankSA savings account.

BankSA began operations as the Savings Bank of South Australia in 1848, and it is now the state’s largest financial institution. Since 2008, BankSA and St.George have been a part of the Westpac Group.

Rates last updated October 19th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
BankSA Complete Freedom Account
Visa
$0
$2,000
$40 cash back.
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. New customers get $40 cash back. Open a new account by November 2 & deposit $500 within the first 45 days ($250 for students & under 21s). You need to make sure the account remains open for at least 55 days from the date of account opening. T&C's apply.

BankSA Retirement Access Plus
Visa
$0
$0
Designed for over 55's and no longer working.
BankSA Society Cheque Account
Visa
$0
$0
Suitable for schools, charities, community and sporting groups and government agencies.
BankSA Concession Account
Visa
$0
$0
An everyday account for concession card holders.

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Rates last updated October 19th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
BankSA Maxi Saver
2.85%
0.50%
2.35%
$0
$1 / $1
Introductory rate of 2.85% p.a. for 3 months, reverting to a rate of 0.50% p.a. Available on the entire balance.
BankSA Incentive Saver Account
2.00%
0.80%
1.20%
$0
$0 / $0
Earn bonus interest when each month your grow your balance by at least $50, or just $0.01 if you're under 21 years old.
BankSA Investment Cash Account
0.25%
0.25%
0.00%
$0
$0 / $0
Ongoing, variable 0.25% p.a. Available on the entire balance.
BankSA DIY Super Saver
2.00%
0.75%
1.25%
$0
$0 / $1
Introductory rate of 2.00% p.a. for 4 months, reverting to a rate of 0.75% p.a. Available on entire balance.
BankSA Business Access Saver
0.50%
0.50%
0.00%
$0
$0 / $0
Ongoing, variable 0.50% p.a. when you link to a business transaction account. Available on the entire balance.

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Rates last updated October 19th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
BankSA Term Deposit
2.05%
1.85%
2.15%
2.45%
2.50%
2.60%
$1,000

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Rates last updated October 19th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
BankSA Complete Freedom Account
Visa
$0
$2,000
$40 cash back.
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. New customers get $40 cash back. Open a new account by November 2 & deposit $500 within the first 45 days ($250 for students & under 21s). You need to make sure the account remains open for at least 55 days from the date of account opening. T&C's apply.

BankSA Retirement Access Plus
Visa
$0
$0
Designed for over 55's and no longer working.
BankSA Society Cheque Account
Visa
$0
$0
Suitable for schools, charities, community and sporting groups and government agencies.
BankSA Concession Account
Visa
$0
$0
An everyday account for concession card holders.

Compare up to 4 providers

Rates last updated October 19th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
BankSA Maxi Saver
2.85%
0.50%
2.35%
$0
$1 / $1
Introductory rate of 2.85% p.a. for 3 months, reverting to a rate of 0.50% p.a. Available on the entire balance.
BankSA Incentive Saver Account
2.00%
0.80%
1.20%
$0
$0 / $0
Earn bonus interest when each month your grow your balance by at least $50, or just $0.01 if you're under 21 years old.
BankSA Investment Cash Account
0.25%
0.25%
0.00%
$0
$0 / $0
Ongoing, variable 0.25% p.a. Available on the entire balance.
BankSA DIY Super Saver
2.00%
0.75%
1.25%
$0
$0 / $1
Introductory rate of 2.00% p.a. for 4 months, reverting to a rate of 0.75% p.a. Available on entire balance.
BankSA Business Access Saver
0.50%
0.50%
0.00%
$0
$0 / $0
Ongoing, variable 0.50% p.a. when you link to a business transaction account. Available on the entire balance.

Compare up to 4 providers

Rates last updated October 19th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
BankSA Term Deposit
2.05%
1.85%
2.15%
2.45%
2.50%
2.60%
$1,000

Compare up to 4 providers

Awards that BankSA has earned

  • Australian Banking + Finance Awards, 2010. BankSA SENSE Account awarded Innovative Retail Banking Product of the Year
  • Money Magazine Awards, 2010. Winner of Banking Website of the Year

Who is BankSA?

BankSA provides bank accounts to suit different needs. An everyday transaction account is perfect for day to day use, giving you easy access to your money, whereas a savings account enables your money to earn interest. If you don’t need a certain sum of money for a particular period, you can even open a BankSA term deposit.

What’s internet banking like for BankSA?

You can use the BankSA online banking platform to check transaction history, transfer funds to Australian and overseas accounts, make bills payments using BPAY and request eStatements. You can schedule recurring payments, you can sign up for SMS and email alerts and you can report a lost or stolen card.

The use of secure socket layer technology ensures safe encryption of transmitted data, and firewalls keep unauthorised access at bay.

Notable features include:

  • Schedule payments for any time up to 24 months in the future
  • Perform cheque related tasks online and save money

What about the mobile app?

Image Source: App Store
Login page Account balance
banksalog banksabal
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What transaction accounts are offered by BankSA?

  • Complete Freedom Account

You can access money in this account using a Visa debit card that finds global acceptance, and you can also turn to mobile and internet banking. By depositing at least $2,000 each month, you don’t have to pay the monthly account keeping fee. You don’t have to pay any ATM withdrawal fee when you use a BankSA, Westpac, St.George, or Bank of Melbourne ATM.

  • Retirement Access Plus Account

You can open this account as a pensioner or retiree who is over the age of 55 years, and this account does not attract any monthly fees. Access to funds comes via branch banking, an optional Visa debit card, phone banking, and online banking. Account holders can also look forward to free banking transactions depending on their minimum monthly balance.

  • Concession Account

You can apply for this account if you have a Commonwealth Government Health Concession Card or a Senior’s Card. Account holders get a Visa debit card, and unlimited transactions through online banking, phone banking, and all Westpac Group branches.

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What high interest savings accounts are offered by BankSA?

  • Maxi Saver

As a new customer you stand to earn bonus interest for the first 3 months. By linking an eligible BankSA transaction account to this account you can access your money round-the-clock via phone and internet banking, and you also get branch access. Account holders don’t have to pay any monthly fees.

  • Incentive Saver Account

This account offers a bonus interest rate every month you make a deposit and no withdrawals, and there is no minimum limit to the deposit you make. This account doesn’t attract any monthly fees, and access to funds comes via branch banking, BPAY, internet banking, phone banking, ATMs, and EFTPOS terminals.

  • Investment Cash Account

This savings account is best suited for Self Managed Super Funds and investors. Access to funds comes through ATMs, cheques, branches, internet banking, mobile banking, and phone banking.

  • DIY Super Saver

This account is for Self Managed Super Funds, and does not charge any monthly fees. Access to funds comes through phone and internet banking as well as BankSA branches.

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What term deposits offered are by BankSA?

  • Term Deposit

BankSA term deposits offer competitive interest rates for terms in between one month and five years. The minimum you need to open a BankSA term deposit is $1,000, and you can invest up to $250,000. You get flexible interest payment options, and multiple options at maturity.

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What are the pros and cons of BankSA accounts?

Pros

  • Many choices. BankSA gives you various transaction and savings accounts from which to choose, and you can also invest your money in a BankSA term deposit for varied terms.
  • Technologically adept. When you bank with BankSA you can access account related information over the phone or through its online and mobile banking platforms. Most of its transaction accounts offer access to funds via online and mobile banking.
  • Good presence in South Australia. BankSA has over 200 branches across South Australia, so finding one near where you live, if you reside in SA, should not be difficult.

Cons

  • Limited presence outside South Australia. Barring from a few branches in Victoria and West Australia, this bank does not have many branches outsides South Australia.
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How do I apply for a BankSA savings account?

While you can apply for a BankSA bank account by visiting any BankSA branch, you can also apply over the phone or online.

Eligibility

To apply online, start by clicking on the ‘Go to Site’ button, but only after making sure that you meet the required eligibility criteria.

  • You meet given age requirements
  • You reside in Australia and have an Australian residential address

Documentation

Before BankSA opens your account, it requires that you provide the following.

  • Personal details like your name, residential address, email address, phone number, and date of birth
  • Documents that it can use to verify your identify

Opening a BankSA account or more can be a good idea, but given that many banks offer similar accounts, it’s important that you compare a few before deciding which ones to go with.

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Read more on this topic

Savings Account Offers

Important Information*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Citibank Online Saver

Maximum Variable Rate

3.05

Standard Variable Rate

1.70
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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